FHA 203(K) Renovation and Home Loan
Two Loans In One
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Some restrictions may apply. Programs subject to change without notice. All borrowers subject to credit approval. The information provided is not for dissemination to real estate and finansial business entities only, and is not intended for use as an extension of credit to consumers. 1008
Eligible Properties
One to four unit family dwellings. Owner accupied. Minimum of $5,000 in permanent non-cosmetic repairs must be done to qualify. Property of foundation must have been in existence for at least one year.
- HOW A 203(K) CAN HELP
- Remodel a Kitchen or Bath.
- Add a family room or extra bedroom.
- Make needed electrical or plumbing repairs.
- Replace a leaky roof.
- Make energy or conservation improvements.
- Repair a decaing foundation.
- Move a home to another site and remodel it.
- Convert a one-family home into a two family home.
- Improve handicap access.
- Repair/Replacement/Upgrades of:
- Roofs, gutters, and downspouts
- Exsisting HVAC systems
- Plumbing and electrical systems
- Flooring
- Minor remodeling, such as kitchens, which does not involve structural repairs.
- Painting, both exterior and interior
- Weatherization, including storm windows and doors, insulation, weather stripping, etc.
- Septic system and/or well repair or replacement
- Repair/replacement/add exterior decks, patios, porches
- Any repair or improvement requiring a work schedule longer than six(6) month
- Rehabilitation activities that require more than two(2) payments per specialized contractor
- Major rehabilitation or major remodeling, such as the relocation of a load-bearing wall
- New construction (including room additions)
- Repair of structural damage
- Repair requiring detailed drawings or architectual exhibits
- Landscaping or similar site amenity improvements
ELIGIBLE IMPROVEMENTS
INELIGIBLE IMPROVEMENTS
